The new stablecoin, USD Digital (USDD), is being launched by the Global Currency Organization (GCO), which plans to share revenue with a global network of institutional partners.
The Global Currency Organization (GCO) announced the release of USD Digital (“USDD”), a new US dollar-backed stablecoin. US dollars that back the stablecoin are held by a third-party trust company. GCO intends to share its revenues* with participating exchanges, wallet companies, and OTC desks. By opening up the stablecoin model to a global network of partners, GCO is focused on providing end users with more gateways to move between fiat and cryptocurrencies around the world. Applications to participate in the GCO network are open to all financial institutions, exchanges, and apps.
“We are excited to introduce a stablecoin that is providing an institutional-grade digital currency to everyday traders,” said Joe Vellanikaran, CEO of GCO. “We set out to make the benefits of blockchain available to all, a vision that is bigger than any one company. We are thrilled to be releasing USDD and opening up the GCO network to institutional partners worldwide.”
USDD is being launched by a new project, the Global Currency Organization (GCO), led by former employees of TrustToken, JPMorgan, and Intel who have worked extensively in the stablecoin and finance industries. The team decided to launch GCO to focus on bridging the gap between traditional and decentralized finance and maximize the benefits of both for the end user. USDD is an ERC20 token built on Ethereum that is fully backed by US dollars and redeemable through the GCO website, with attestations of the backing funds provided by Cohen & Co.
“With the rise of stablecoins such as USDC and GUSD, traders became aware of the importance of collateralization in the blockchain space,” said Vellanikaran. “With USDD, we are taking the stability and security of a fully-backed stablecoin and opening it up to a global network of partners. This is the next evolution of the stablecoin industry.”
* Stablecoins and the cash backing them are not revenues.
The Global Currency Organization (GCO) utilizes blockchain technology to make institutional financial products available to all. GCO’s first product is USD Digital (USDD), a stablecoin fully backed by US dollars. GCO’s team is based in San Francisco and draws on its team members’ former experience at JPMorgan, Intel, and TrustToken to set new standards for the global decentralized finance industry.
Any forward-looking statements contained in this post are only estimates by GCO that are based on assumptions made by GCO at the time this post was prepared. Each forward-looking statement is subject to known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those contemplated in such forward-looking statement. Accordingly, there can be no assurance that the outcome described by any such forward-looking statement will be attained, and actual results may be significantly different from such forward-looking statement.
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